VEMA PROJECTS: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VEMA PROJECTS
Largest movements
- Tangible fixed assets +€450,669
up €450,669 (+131.3%), from €343,359 to €794,028
of which Land and buildings: +€464,224
- Cash -€63,892
down €63,892 (-7.1%), from €895,626 to €831,734
mainly Investment in fixed assets (net) (-€507,592) and Receivables within one year (-€58,144)
- Receivables within one year +€58,144
up €58,144 (+18.5%), from €314,521 to €372,665
of which Trade receivables: +€43,223
- Reserves +€479,232
up €479,232 (+44.5%), from €1.1m to €1.6m
of which Distributable reserves: +€310,832
- Accrued charges and deferred income -€45,726
down €45,726 (-51.9%), from €88,110 to €42,384
- Gross operating margin +€208,143
up €208,143 (+34.0%), from €612,197 to €820,340
- Taxes +€51,648
up €51,648 (+36.5%), from €141,459 to €193,107
- Depreciation -€17,031
down €17,031 (-21.8%), from €78,234 to €61,203
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,586,056 | €2,026,832 | +€440,776 | +27.8% |
| Fixed assets | 21/28 | €359,397 | €805,785 | +€446,389 | +124.2% |
| Intangible fixed assets | 21 | €9,228 | €4,948 | -€4,280 | -46.4% |
| Tangible fixed assets | 22/27 | €343,359 | €794,028 | +€450,669 | +131.3% |
| Land and buildings | 22 | €305,796 | €770,020 | +€464,224 | +151.8% |
| Plant, machinery and equipment | 23 | €3,301 | €1,777 | -€1,524 | -46.2% |
| Furniture and vehicles | 24 | €34,262 | €22,230 | -€12,032 | -35.1% |
| Financial fixed assets | 28 | €6,810 | €6,810 | = | 0.0% |
| Current assets | 29/58 | €1,226,660 | €1,221,047 | -€5,613 | -0.5% |
| Stocks and contracts in progress | 3 | €10,705 | €10,480 | -€225 | -2.1% |
| Stocks | 30/36 | €10,705 | €10,480 | -€225 | -2.1% |
| Amounts receivable within one year | 40/41 | €314,521 | €372,665 | +€58,144 | +18.5% |
| Trade receivables | 40 | €314,493 | €357,715 | +€43,223 | +13.7% |
| Other amounts receivable | 41 | €28 | €14,950 | +€14,922 | +53502.4% |
| Cash at bank and in hand | 54/58 | €895,626 | €831,734 | -€63,892 | -7.1% |
| Deferred charges and accrued income | 490/1 | €5,808 | €6,168 | +€360 | +6.2% |
| Total equity and liabilities | 10/49 | €1,586,056 | €2,026,832 | +€440,776 | +27.8% |
| Equity | 10/15 | €1,101,248 | €1,580,480 | +€479,232 | +43.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,076,248 | €1,555,480 | +€479,232 | +44.5% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,963 | €203,363 | +€168,400 | +481.7% |
| Distributable reserves | 133 | €1,038,785 | €1,349,617 | +€310,832 | +29.9% |
| Amounts payable | 17/49 | €484,808 | €446,352 | -€38,456 | -7.9% |
| Amounts payable after more than one year | 17 | €81,251 | €72,145 | -€9,106 | -11.2% |
| Financial debts | 170/4 | €81,251 | €72,145 | -€9,106 | -11.2% |
| Amounts payable within one year | 42/48 | €315,447 | €331,823 | +€16,375 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €9,303 | €9,106 | -€198 | -2.1% |
| Trade debts | 44 | €21,400 | €38,189 | +€16,789 | +78.5% |
| Suppliers | 440/4 | €21,400 | €38,189 | +€16,789 | +78.5% |
| Taxes, remuneration and social security | 45 | €76,334 | €89,012 | +€12,678 | +16.6% |
| Taxes | 450/3 | €65,558 | €77,844 | +€12,286 | +18.7% |
| Remuneration and social security | 454/9 | €10,776 | €11,168 | +€392 | +3.6% |
| Other amounts payable | 47/48 | €208,410 | €195,517 | -€12,894 | -6.2% |
| Accrued charges and deferred income | 492/3 | €88,110 | €42,384 | -€45,726 | -51.9% |
| Remuneration, social security and pensions | 62 | €64,646 | €61,814 | -€2,832 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,234 | €61,203 | -€17,031 | -21.8% |
| Other operating charges | 640/8 | €7,368 | €7,363 | -€5 | -0.1% |
| Gross operating margin | 9900 | €612,197 | €820,340 | +€208,143 | +34.0% |
| Operating profit (loss) | 9901 | €461,949 | €689,959 | +€228,010 | +49.4% |
| Financial income | 75/76B | €390 | €805 | +€415 | +106.3% |
| Recurring financial income | 75 | €390 | €805 | +€415 | +106.3% |
| Financial charges | 65/66B | €17,159 | €18,426 | +€1,267 | +7.4% |
| Recurring financial charges | 65 | €17,159 | €18,426 | +€1,267 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €445,180 | €672,339 | +€227,158 | +51.0% |
| Income taxes | 67/77 | €141,459 | €193,107 | +€51,648 | +36.5% |
| Profit (loss) for the period | 9904 | €303,722 | €479,232 | +€175,511 | +57.8% |
| Transfer to tax-exempt reserves | 689 | - | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €303,722 | €310,832 | +€7,111 | +2.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.